Industrial Internet of Things
We’ll Help You Develop a Sound Strategy.
By the start of 2020, 50 billion smart devices will be wirelessly connected to, and communicating with, each other—outpacing the global human population by a factor of more than five. By 2025, the economic impact of this rapid expansion is expected to approach $11 trillion.
As businesses continue to seek new ways of harnessing groundbreaking technology for improved efficiency, Industrial Internet of Things (IIoT) has exited the realm of an emerging concept and promises to change the very landscape of virtually every industry in the coming years. Coupling machine learning and big data technology by harnessing broad collection processes for sensor data, machine-to-machine (M2M) communication, and automation technologies, IIoT is already enabling companies to identify inefficiencies, improve quality control, and implement green practices for substantial cost savings. Both as IIoT rapidly outpaces existing ISO standards, and as it presents a plethora of new challenges with regard to privacy, intellectual property, cybersecurity, operations, and finance, Mintz Levin’s IIoT practice is proud to stand with you, developing client-specific strategies and bringing deep experience and knowledge in all relevant areas of law, transcending traditional legal arenas for your business. With Mintz Levin, be prepared to enter the age of IIoT and to seize the opportunities that await.
The Industrial Internet of Things will have market-disrupting consequences and will introduce enormous financial incentives. This is, in large part, thanks to the sheer scope of the wireless M2M communication expansion that is projected to take place in the near future. Global mobile data traffic, for example, will increase by a factor of eight between now and 2020, from 3.7 exabytes (that’s 18 zeroes) to 30.6 exabytes monthly. What’s more, the introduction of new wireless-enabled technologies looks to quicken that pace—in 2015 alone, the global market for wearable devices grew by more than 220%. Where 140,000 units of smart clothing were shipped in 2013, there will be more than 10 million sent in 2020.
As the products around, between, and—yes—on us become ever-more designed to communicate with one another, collectively automating previously tedious and inefficient aspects of our lives, ventures looking to capitalize on the production, transfer, and collection of the vast fabric of data being produced will be central to the “smart cities” of the future. And all of this, of course, is already being set in motion. In 2016, enterprise IIoT start-ups generated between two and three times more funding than their consumer counterparts.
Yet, along with the vast potential and upside of IIoT is widespread and plausible client concern for legal challenges. Nearly 7 in 10 Americans report being concerned about data security in their daily lives, and believe that they should own the data generated by their devices. As businesses seek both to harness the potential of and to protect wide arrays of critical data, they will need a soup-to-nuts approach, with a dedicated group of attorneys working together to combat the many distinct concerns of this expanding field. The team at Mintz Levin, drawing on deep legal knowledge in privacy and cybersecurity, is here to help.
The Time is Now
And for those looking to get into the market, or to leverage existing products or services to remain relevant in the age of IIoT? The time is now. As the International Organization for Standardization (ISO) develops globally understood specifications to drive growth in IIoT while ensuring quality, efficiency, and safety, the value of intellectual property can increase exponentially with the right footing in the standard-setting market. The IEEE is currently developing standards for the many components of IIoT which will make smart cities a reality—from wireless grids, to intelligent transportation systems, to the very frequencies on which smart devices will communicate, technologies generated today and leveraged appropriately can be the standard-bearers of the future.
Mintz Levin’s IIoT practice, made up of attorneys from a wide array of practice areas working hand-in-hand, is here to help your business on the bridge to the data- rich era of the IIoT future. Contact us to learn more.